Prem C. Jain. Assistant Professor of Accounting, Wharton School, University of Pennsylvania, (KPMG Peat Marwick Faculty Fellow, )

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1 Prem C. Jain McDonough School of Business Tel: (202) Georgetown University Washington, DC Current Employment Elsa C. McDonough Professor of Accounting and Finance, McDonough School of Business, Georgetown University, 2002-current (visiting professor, ) Previous Employment Exxon Professor of Accounting and Finance, Freeman School of Business, Tulane University, (Associate Professor, ) Assistant Professor of Accounting, Wharton School, University of Pennsylvania, (KPMG Peat Marwick Faculty Fellow, ) Visiting Research Scholar, INSEAD, France, Summer 1994 and Summer Education Ph.D. Business Administration, University of Florida, C.P.A, State of Florida, M.S., Applied Economics, University of Rochester, Post Graduate Diploma in Management, I.I.M., Calcutta, India, Bachelor of Engineering (Hons.), B.I.T.S., Pilani, India, Book Buffett Beyond Value: Why Warren Buffett Looks to Growth and Management When Investing. March Published by John Wiley & Sons. Journal Articles 1. Cross-sectional Association Between Abnormal Returns and Firm Specific Variables, Journal of Accounting and Economics (Dec., 1982), pp The Impact of Accounting Regulation on the Stock Market: The Case of Oil and Gas Companies, Some Additional Results, The Accounting Review (July, 1983), pp The Effect of Voluntary Sell-off Announcements on Shareholder Wealth, The Journal of Finance (March, 1985), pp Summary published in: The CFA Digest, Vol. 15, No. 4, Fall Analyses of the Distribution of Security Market Model Prediction Errors for Daily 1

Finance, Freeman School of Business, Tulane University, 1992-2002 (Associate Professor, 1991-1992) Assistant Professor of Accounting, Wharton School, University of Pennsylvania, 1984-91 (KPMG Peat

2 Returns Data, Journal of Accounting Research (Spring, 1986), pp Relation between Market Model Prediction Errors and Omitted Variables--A Methodological Note, Journal of Accounting Research (Spring, 1986), pp The Time Series Behavior of Annual Accounting Earnings: A Comparison of the Random Walk with Trend and the Constant Percentage Growth Models, Advances in Financial Planning and Forecasting (1987), pp The Effect on Stock Price of Inclusion in and Exclusion from the S&P 500, Financial Analysts Journal (Jan.-Feb., 1987), pp Response of Hourly Stock Prices and Trading Volume to Economic News, The Journal of Business (Apr., 1988), pp The Dependence Between Hourly Prices and Trading Volume, (with Gun-Ho Joh), Journal of Financial and Quantitative Analysis (Sept., 1988), pp The Behavior of Daily Stock Market Trading Volume, (with Bipin Ajinkya), Journal of Accounting and Economics (Nov., 1989), pp Stock Splits: Price per Share and Trading Volume, (with Victor J. Defeo), Advances in Quantitative Analysis of Finance and Accounting (1991, B), pp Earnings and Risk Changes around Stock Repurchase Tender Offers, (with Michael Hertzel), Journal of Accounting and Economics (Sep., 1991), pp The Tylenol Incident, Ensuing Regulations, and Stock Prices, (with Tom Dowdell and Suresh Govindaraj), Journal of Financial and Quantitative Analysis (June, 1992), pp Equity Issues and Changes in Expectations of Earnings by Financial Analysts, Review of Financial Studies (Vol. 5, no. 4, 1992), pp Summary published in: The CFA Digest, Vol. 23, No. 2, Spring S&P 500 Index Futures Volatility and Price Changes around the NYSE Close, (with E. Chang and P. Locke), The Journal of Business (Jan. 1995), pp An Analysis of the Recommendations of the "Superstar" Money Managers at Barron's Annual Roundtable, (with H. Desai), The Journal of Finance (September 1995), pp Summary published in The Wall Street Journal in an exclusive column (Intrinsic Value, January 11, 1996). 2

The Time Series Behavior of Annual Accounting Earnings: A Comparison of the Random Walk with Trend and the Constant Percentage Growth Models, Advances in Financial Planning and Forecasting (1987), pp.

3 Summary published in The CFA Digest, Vol. 26, No. 2, Spring Long-run Common Stock Returns Following Stock Splits and Reverse Splits, (with H. Desai), The Journal of Business (July 1997), pp Firm Performance and Focus: Long-run Stock Market Performance Following Spinoffs,' (with Hemang Desai), Journal of Financial Economics (October 1999), pp Summary published in The CFA Digest, Vol. 30, No. 2, Spring Truth in Mutual Fund Advertising: Evidence on Future Performance and Fund Flows, (with Joanna Shuang Wu), Journal of Finance, (April 2000), pp Summary published in The Wall Street Journal, 9/28/ Financial Leverage Changes Associated with Corporate Mergers, (with Aloke Ghosh), Journal of Corporate Finance, (December 2000), Summary published in The CFA Digest, Vol. 31, No. 4, November Long-Run Stock Returns Following Financial Analysis by Abraham Briloff, (with Hemang Desai), Financial Analysts Journal, (March/April 2004), Sustained Earnings and Revenue Growth, Earnings Quality, and Earnings Response Coefficients, (with Aloke Ghosh and Zhaoyang Gu), Review of Accounting Studies (March 2005), Recapitalization of One Class of Common Stock into Dual-Class: Growth and Longrun Stock Returns, (with Valentin Dimitrov), Journal of Corporate Finance (January 2006), Macroeconomic Variables and the E/P Ratio: Is Inflation Really Positively Associated with the E/P Ratio? (with Joshua Rosett), Review of Quantitative Finance and Accounting (August 2006), The Value-relevance of Changes in Financial Leverage and Growth in Assets beyond GAAP Earnings (with Valentin Dimitrov), Journal of Accounting, Auditing and Finance (Spring 2008), Sell on the news: Differences of Opinion, Short-sales Constraints, and Returns around Earnings Announcements, (with H. Berkman, V. Dimitrov, P. Koch and S. Tice) Journal of Financial Economics (June 2009),

Summary published in The CFA Digest, Vol. 30, No. 2, Spring 2000. 19.

4 27. It s Showtime: Do Managers Report Better News before Annual Shareholder Meetings? (with Valentin Dimitrov) Journal of Accounting Research (forthcoming). (Several of the above articles have been discussed in newspapers and other media.) Other Publications 1. Comments: Dinosaurs, Passenger Pigeons, and Financial Accountants, World, published by Peat, Marwick, Mitchell & Co. (May, 1986), p Discussion: Earnings and Risk Changes around Private Placement of Equity, Journal of Accounting, Auditing and Finance (Summer, 1998), pp Earnings Momentum and Earnings Management: A Discussion:, (with Zhaoyang Gu), Journal of Accounting, Auditing and Finance (Spring 2007), Is the Stock Market Efficient? AAII Journal, (November 2010), Working Papers and Current Research 1. In Synch and Our of Sync: The Joint Information in Revenues and Expenses, (with Zhaoyang Gu and Sundaresh Ramnath), second round at the Journal of Accounting Research. 2. The Accrual Anomaly and Operating Cash Flows: Evidence from Accrual Components, (with Zhaoyang Gu), second round at The Accounting Review. Research I am primarily interested in studying the effects of accounting and financial information on stock prices and other financial securities. Using accounting data, I endeavor to study the extent to which the stock market is or is not efficient. Some of my articles suggest that careful analysis of financial data can lead to superior or abnormal returns. To better understand my research findings and my research ideas, I frequently invest in the stock market and consult on investing ideas. I have also published research on futures market and research methodologies. Teaching My teaching goes hand in hand with my research interests, my personal investing and consulting. I have taught basic and intermediate financial accounting, cost 4

Comments: Dinosaurs, Passenger Pigeons, and Financial Accountants, World, published by Peat, Marwick, Mitchell & Co. (May, 1986), p. 38. 2.

5 accounting, corporate finance, international finance, investments, and financial statement analysis at the undergraduate, the MBA, and the PhD level at the Wharton School of the University of Pennsylvania, Tulane University, University of Florida, University of Rochester, ITESM (Mexico) and CEIBS (China). In one of the courses that I developed, the students managed $2 million under my supervision. I have received several recognitions for teaching when I was at Tulane. Recent Teaching Award: October 2009: MBA Professor of the Module, Fall 2009 Ph.D. students (Chair of the Dissertation Committee) Hemang Desai, 1996, S.M.U. Joanna Shuang Wu, 1999, University of Rochester. Joaquin Trigueros, 1999, J. P. Morgan, NY. Valentin Dimitrov, 2003, Rutgers University. Ph.D. Students (Committee Membership) I have served on the dissertation committees of about twenty doctoral students at Wharton, Tulane and other schools. They were all in the areas of accounting, finance, and economics. Work Experience 1. Financial Economist, Commodity Futures Trading Commission, Summer of Assistant Manager - Management Accounting, Hoechst Pharmaceuticals, India; and Hoechst AG, Germany, Executive Trainee, Hindustan Motors, India, Professional Activities (a brief selected list) 1. Editorial Board Member: Issues in Accounting Education, Editorial Board Member: The Accounting Review, Editorial Board Member: Journal of Accounting and Public Policy, 2002-current. I have been a referee for dozens of academic manuscripts for all the top-tier accounting and finance journals. I have presented my research at about 50 different universities and conferences since I have also given over a dozen talks during 2010 based on my book, Buffett Beyond Value. Personal: Born on January 31, 1950, Single 5

In one of the courses that I developed, the students managed $2 million under my supervision. I have received several recognitions for teaching when I was at Tulane.

Joshua G. Rosett PUBLICATIONS. Refereed Journal Articles

Joshua G. Rosett PUBLICATIONS. Refereed Journal Articles Joshua G. Rosett Curb Family Associate Professor of Business and Law and George R. Roberts Fellow Robert Day School of Economics and Finance Claremont McKenna College 500 E. 9 th St. Claremont, CA 91711